Beat the street: US stocks - will Goldilocks stick around? NVIDIA launches a ‘hobbled’ chip; iron ore prices predicted to rise
US stocks indicate a cautiously higher open on the final day of trade for 2023. All three indexes remain on track for monthly, quarterly and annual gains. Plus NVIDIA launches a new US-friendly gaming chip.
(Partial Video Transcript)
Will Goldilocks stick around?
Hello, I'm Angeline Ong, and welcome to beat the street, the show that gives you all the tradeable news and data you need ahead of the Wall Street Open.
Coming up, will Goldilocks stick around? Well, US stock indexes edging up in light trade on the final day of 2023, with the S&P 500 and the Dow hovering around record highs on hopes of a Federal Reserve (Fed) rate cut soon.
Next up, NVIDIA, the semiconductor giant, launches a new gaming chip for China to comply with US exports controls. And hot commodities. We're looking at iron ore, and let's expect iron ore prices and the gaming scene this year to continue, hopefully into early 2024. We'll tell you why in just a moment.
Dow, NASDAQ treading water
Good afternoon, I'm Angeline Ong, and welcome to this new edition of beat the street. Not long now before Wall Street starts trading, let's just give you a heads-up as to how they're looking.
We're talking about quarters gains to a slow open here, looking at the Wall Street, which is near the Dow Jones, and it's just tipped ever so slightly lower. As you can see, they're just very slightly treading water there.
A similar story for the NASDAQ, which has seen stellar gains this year. The NASDAQ is known as the Tech 100 on the IG platform. And just calling up for you right now, because have a look at that. It's also looking flat, slightly lower now. But, hey, it can do that because it's had such a stellar run this year.
US indices set for gains
Making the chart go back slightly to show you where it has been since around the end of December in 2022, more than 40%.
And also what's interesting is that the S&P 500, similar trajectory there, not as much in terms of gains as the NASDAQ, just pulling up the US 500, but also not a bad show at all for the US 500, which mirrors the S&P 500.
All three indices look set for gains on the final monthly gains, quarterly gains and annual gains as well.
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